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What is the difference between a reserve price and an opening bid?

When a seller places a new auction up on WineCommune they are given the option of setting a reserve price. The reserve price is the price for which the auction lot will not sell less than. The reserve price is kept secret from all bidders until a bid exceeds the reserve price. Thus, the seller sets a price which opens the auction and a reserve bid which must be exceeded for the auction lot to sell. Auctions with reserve prices which have not been met have "RESERVE PRICE NOT YET MET" listed in the description of the auction lot. If the reserve has been met, the lot will say "RESERVE MET!" If there is no reserve - "NO RESERVE."

If the lot doesn't have a reserve price, a seller may still designate an opening bid. This is the lowest bid that will be accepted - no one can bid below the opening bid. The difference between a lot with a reserve and one without is secrecy. A lot without a reserve will sell to the highest bidder. A lot with a reserve will not sell unless the high bid exceeds the secret reserve price.

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